Boston Scientific (NYSE: BSX) shares dipped slightly in the early morning on second-quarter results that came in ahead of the consensus forecast.
Shares of BSX rose 1% to $79.35 apiece in pre-market trading today. After the market opened, shares fell 2.4% to $76.73 apiece.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose slightly.
The Marlborough, Massachusetts–based medtech company reported profits of $322 million for the quarter. That equals 22¢ per share on sales of $4.12 billion for the quarter ended June 30, 2024.
Boston Scientific recorded a 19.3% bottom-line gain on a sales increase of 14.5%.
Adjusted to exclude one-time items, earnings per share came in at 62¢. That landed 4¢ in front of expectations on Wall Street. Sales also beat the forecast as experts projected $4.02 billion in revenue.
Sales rose across the board in each of Boston Scientific’s individual units during the quarter. In MedSurg (which had 9% year-over-year growth), Neuromodulation led the way with a 15.5% uptick. Urology (8.2%) and Endoscopy (7.1%) followed.
In Cardiovascular, the company reported 20.1% growth for Cardiology products and 10.2% growth in peripheral interventions. Overall, that unit saw a 17.8% year-over-year sales uptick.
Recent highlights for Boston Scientific include more positive data for its Farapulse pulsed field ablation system, along with Chinese approval. There was also news of the planned acquisition of Silk Road Medical.
“We delivered a quarter marked by exceptional performance, reflecting our global team’s relentless pursuit of innovation that is supported by strong clinical evidence and investments aligned with our strategy of category leadership,” said Mike Mahoney, chair and CEO, Boston Scientific. “We remain excited about our plans for the future, and I am incredibly grateful for the commitment and winning spirit of our employees around the world.”
Boston Scientific expects sales growth between 13.5% and 14.5% for the full year, raising its guidance for the second consecutive quarter. The company previously projected between 11% and 13%. It now expects adjusted EPS between $2.38 and $2.42, marking a significant rise from the previous range of $2.29 and $2.34.
Truist analysts described the results as another strong quarter for Boston Scientific, noting that the company has best-in-class end markets, a strong pipeline, and sustainable above-average sales and EPS growth prospects.
Medtech pay analysis: Boston Scientific’s median worker pay plunges in latest executive compensation disclosure
